Rule against perpetuity : Section 14 Transfer of Property Act II  

Rule against perpetuity : Section 14 Transfer of Property Act II #section14transferofpropertyact1882
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This Video covers the topic -
According to Section 14
”No transfer of property can operate to create an interest which is to take effect after the life-time of one or more persons living at the date of such transfer, and the minority of some person who shall be in existence at the expiration of that period, and to whom, if he attains full age, the interest created is to belong.”
Perpetuity - forever / Indefinite period /
generation to generation
Transferor can not transfer the property for forever through same transection.
Transferor can't tied up the property.
Perpetuity may arise in two ways -
I) By taking away the power of alienation from transferee (condition has been made void under S.10)
II) By creating future remote interest ( prohibited under S.14 )
Objective-
The object of section 14 is to see that the property is not tied- up and to prevent creation of perpetuity.
Ensure free and active circulation of property both for trade and commerce as well as for the betterment of the property.
To retain their property in their own families from generations to generations would be a loss to the society because it will be deprived of any benefit arising out of that property. Free and frequent circulation is important and the policy of the law is to prevent the creation of such perpetuity.
Exceptions
Sec. 18 of TPA provide exceptions where the rule against perpetuity does not apply -
For the benefit of public
In advancement of Religion, Knowledge, Commerce, Health, Safety, or Any other object beneficial to mankind.
Personal Agreements
Charge creation
Mortgages
Lease
Rule against remoteness of vesting interest
Generally, there is no specific time limit or specified no. of years to decide what would amount to perpetuity. But Section 14 provides with it. Under Section 14 it is:
A lifetime of one or more living persons
Generally the title of property vest in unborn person immediately after his birth but Sec. 20 states that transferor can postpone it and the maximum time period according to sec. 14 is upto the attainment of age of majority.
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